09-18-2002, 06:26 PM
Join Date: Sep 2001
Warren Buffett on airline investments:
"And the interesting thing is, of course, is that if you go back to the time of Kitty Hawk, net, the airline transport business in the United States has made no money. I mean, just think if you had been down there at Kitty Hawk, and you had saw this guy [Wilbur Wright] go up [in the air], and all of a sudden this vision hit you that tens of millions of people would be doing this all over the world some day and that it would bring us all closer together and everything, and think my God this is something to be in on." |
"And despite putting in billions and billions and billions of dollars, the net return to owners from being in the entire airline industry, if you owned it all, and if you put up all this money, is less than zero."
"If there had been a capitalist down there [at Kitty Hawk the day the Wright brothers made their first flight] the guy should have shot down Wilbur! I mean … [audience laughter]. You know… one small step for mankind, and one huge step backwards for capitalism!"
"When Richard Branson, the wealthy owner of Virgin Atlantic Airways, was asked how to become a millionaire, he had a quick answer: 'There's really nothing to it. Start as a billionaire and then buy an airline.'"